Fitch Raises South Africa Sovereign Rating to BB, Lifts Eskom Credit Rating

Fitch Ratings upgraded South Africa’s long‑term sovereign rating from BB‑ to BB on June 5, 2026, marking the first uplift in 21 years. The agency cited four consecutive years of primary fiscal surpluses averaging about 1 % of GDP, stronger revenue collection and tighter spending, which moved the country two notches below investment‑grade status and opened access to a broader pool of global investors.

Following the sovereign upgrade, Fitch also raised the credit rating of state utility Eskom on June 14, 2026, promoting its long‑term issuer default rating and senior unsecured debt to B+ from B, with a stable outlook. The utility’s rating improvement reflects its strong linkage to the government under Fitch’s government‑related entity methodology and aligns with Eskom’s ongoing turnaround plan aimed at stabilising operations, enhancing liquidity and supporting South Africa’s energy security.